MERCHANDISING OPERATIONS (CONCEPTS AND DISCOUNTS)

MERCHANDISING OPERATIONS (CONCEPTS AND DISCOUNTS)

Professional Development

20 Qs

quiz-placeholder

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MERCHANDISING OPERATIONS (CONCEPTS AND DISCOUNTS)

MERCHANDISING OPERATIONS (CONCEPTS AND DISCOUNTS)

Assessment

Quiz

Financial Education

Professional Development

Practice Problem

Hard

Created by

Ronalyn Joy Mercado

Used 10+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If merchandise sold on account is returned to the seller, the seller may inform the customer of the details by issuing a

sales invoice

purchase invoice

credit memorandum

debit memorandum

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The arrangements between buyer and seller as to when payments for merchandise are to be

made are called

credit terms

net cash

cash on demand

gross cash

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In credit terms of 1/10, n/30, the "1" represents the

number of days in the discount period

full amount of the invoice

number of days when the entire amount is due

percent of the cash discount

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Merchandise with a sales price of P500 is sold on account with term 2/10, n/30. The journal entry to record the sale would include a

debit to Cash for P500

Debit to Sales Discounts for P10

Credit to Sales for P500

Debit to Accounts Receivable for P490

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following accounts has a normal credit balance?

Sales Returns and Allowances

Sales

Merchandise Inventory

Delivery Expense

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The entry to record the return of merchandise from a customer would include a

debit to Sales

credit to Sales

debit to Sales Returns and Allowances

credit to Sales returns and Allowances

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Sales to customers who use bank credit cards, such as MasterCard and Visa, are generally treated as

sales on account

sales returns

cash sales

sales when the credit card company remits the cash

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